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Explained: Binance’s Record $295M Daily Stablecoin Outflow

Published 04/05/2023, 10:50 AM
Updated 04/05/2023, 11:00 AM
Explained: Binance’s Record $295M Daily Stablecoin Outflow

  • Binance has seen the largest net outflow of stablecoins in its history.
  • A Glassnode report has confirmed a significant decrease in Binance's USD value and stablecoin balances.
  • CFTC's legal action against Binance has sent shockwaves through the crypto market.
With the Commodity Futures Trading Commission's (CFTC) lawsuit and the ongoing stablecoin outflows, the cryptocurrency exchange Binance has recently been thrust into the limelight. Such developments have ignited questions regarding the security and stability of Binance, leading to speculations about the potential impact on the broader cryptocurrency landscape.

Interestingly, it appears that the outflows have primarily impacted stablecoins and not other forms of cryptocurrencies. According to a recent report by Glassnode, the net flow volume of stablecoins from Binance has surged to a staggering $295 million per day.

Glassnode

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